Who can file for bankruptcy help in Oklahoma?

Anyone can file bankruptcy in Oklahoma. The only restriction is that the filers must be a resident of the area that they are filing in and a resident of the state for at least 90 days. As long as the petitioners have lived there for that long, they can legally file. The next step from that point on is to decide whether to file for a chapter 7 or 13.

Filing under Different Chapters

Chapters 7 and 13 are the most popular sections of bankruptcy for the consumer to file under. Seven is for liquidating assets to pay off debt and 13 sets up a payment plan to last anywhere from 36 to 60 months. Both discharge debt at a certain date provided all requirements are met.

Eligibility for chapter 7 is determined by the median income of Oklahoma. Provided the debtor's income is at or below the median, he can automatically qualify. If the income is slightly over or if there's a little money left over at the end of the month, the long form of the means test comes into play. It must be proven that there's almost no money left to pay creditors under chapter 13 via the long form. Otherwise, the debtor will have to put their petition in under chapter 13 and pay down the debt.

Consult a Local Attorney

It's important to work with a lawyer in the debtor's area. Each state has court districts which may not be local to the debtor. Hiring a local attorney means the debtor will obtain the best service and advice possible from someone who knows the lay of the land.